According to data from the Federal Reserve Bank of New York, the Secured Overnight Financing Rate (SOFR) was reported at 4.31% on the last trading day (May 15), up from 4.29% the previous day. 
On May 16, before the U.S. stock market opened, large SOFR options bets indicated that the Federal Reserve might cut interest rates by 100 basis points by June 2026. 
The effective federal funds rate was reported at 4.33% on the last trading day, unchanged from the previous day

According to data from the Federal Reserve Bank of New York, the secured overnight financing rate (SOFR) on May 15 was 4.31%, an increase from 4.29% the previous day. Before the U.S. stock market opened on May 16, market bets on SOFR options indicated that the Federal Reserve might cut interest rates by 100 basis points in June 2026. The effective federal funds rate remained at 4.33%

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